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US Steel Tariff
Canada's Prime Minister Mark Carney said on Thursday he will impose new tariffs on US steel and aluminum imports on July 21 depending the progress of trade talks with US President Donald Trump. Carney, who met with Trump at the Group of Seven meetings in Alberta this week, reiterated Thursday that Canada and the US "agreed to pursue negotiations toward a deal within the coming 30 days". We will review our response as the negotiations progress, Carney said. He added: "In parallel, we must reinforce our strength at home and safeguard Canadian workers and businesses from the unjust US tariffs. That's why today we are announcing Canada will be introducing a series of countermeasures to protect Canadian steel and aluminum workers and producers. "First, Canada will adjust its existing counter-tariffs on US steel and aluminum products on July 21 to levels consistent with progress made in the broader trading agreement with the United States. Carney said Trump's trade war is running the r
The bid by Japan's Nippon Steel to buy US Steel may have a new lease on life after the Biden Administration extended a deadline for the Japanese steelmaker to abandon plans to acquire the storied Pittsburgh company after President Joe Biden blocked the deal. The new deadline, now in mid-June, was viewed by US Steel and investors as an opportunity for the companies to complete the acquisition, even though President-elect Donald Trump, who takes office in a week, also opposes the deal. Biden nixed the acquisition this month citing a potential threat to national security, though the US Committee on Foreign Investment in the United States, known as CFIUS, failed to reach a consensus on the security issue. We are pleased that CFIUS has granted an extension to June 18, 2025 of the requirement in President Biden's Executive Order that the parties permanently abandon the transaction," US Steel said in a statement Sunday. "We look forward to completing the transaction, which secures the be
President Joe Biden blocked the USD 15 billion acquisition of US Steel by Japan's Nippon Steel on Friday something he had first vowed to do in March. His decision comes after the Committee on Foreign Investment in the United States, known as CFIUS, failed to reach consensus on the possible national security risks of the deal last month. The rise of US Steel, a storied American company, runs parallel to the arrival of America on the world stage. With roots dating to the late 19th century, US Steel has produced the materials used for everything from the nation's bridges and skyscrapers, to its tanks and battleships. Following is a brief history of the company. The origins of a manufacturing giant What eventually became the largest corporation in the world was created by J.P. Morgan and others who financed the merger of Andrew Carnegie's Carnegie Steel Co. with rival Federal Steel at the start of the 20th century. It instantly became the world's first USD 1 billion company. In 1907